This loan scheme provides the facility to public & private sector permanent employees to obtain loans within short period for daily / personal requirements under minimum collateral up to the maximum loan amount of Rs.250,000/- (Loan application will be released as per the requirement of loan client after the discussion with the manager)

Eligibility of the Borrower

Applicant should be permanent employee of the public or private institution and age over 18 years and below 55 years and should have capacity to enter into an agreement with the bank.

Possess the National Identity Card

Should not be a defaulter asa Borrower / Guarantor – The CRIB Status should be clear.

Quantum of loan
Maximum limit is Rs.250,000/-

Rate of Interest
The rate of interest is 17% p.a. A concessionary rate of 13% p.a. with a rebate of 4% is applied for repayment on due date.

Repayment period
Maximum repayment period of the loan is 3 years.

Mode of repayment
The borrower should agree to settle the loan and interest in equal monthly installments. Further, he should agree to open savings account in the bank and deposit required funds to the said account to settle the loan capital and interest. In addition to this account, the Bank may request to open a build up / compulsory savings accounts where withdrawals are restricted.

Securities

Guarantee of two persons acceptable to the bank.To obtain guarantors who have permanent employment( Government or Private)